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Search Results 0 to 48 of about 49 (some duplicates have been removed)
MSNBC
Dec 31, 2012 10:00am PST
obama will be announcing a deal he will be speaking with middle class americans behind him, and he will send the message that if they do not act by john 1st, the average american will see their taxes go up by about $2,000, and it could ultimately wind up hurting the recovery, could wind up ultimately sending the economy back into recession. those are some of the themes i expect him to touch on. there are a lot of discussions going on behind the scenes with the president. the vice president, of course, in close contact with mitch mcconnell. he was brought into these negotiations yesterday. mitch mcconnell says he needs a dance partner. mcconnell said that in negotiations when they had all but stalled. vice president biden brought into the negotiations engaged, and he really did, it seem, at this point help to move the negotiations forward. the vice president has more than 30 years searching in the senate. 23 of those along side senator mcconnell. he certainly are on all sides are staying he has been a big help here, chris. >> as anyone who has ever sat in the senate gallery and watc
FOX News
Dec 30, 2012 9:00pm PST
to stop this, this is obama's deal, now he owns it. >> but they need to do better with communicating that exact message, really, if you look at what's going on here, obama has been persistent and bullheaded saying, it's my way or no way and i think he can wants to go over the cliff to demonize and at the same time bullying the middle class. >> and in the short-term run, that it is inevitable that the democrats will say you guys, you republicans, you put us offer the cliff because you were defending your rich millionaire friends, it's inevitable they will say that and that's a winning political line in the short-run. and over that, however, and you ask where is the leadership from this president, where is it? >> and here, stuart. >> doesn't he agree with you. >> americans with funny accent. let me ask you this question, explain to me and to the american people out there right now why you need to protect millionaires tax cuts in two sentences? >> okay, if you tax people over $250,000. >> wait a second, okay. >> tax them over a million, you might bring in on the best of years, you might
MSNBC
Dec 30, 2012 3:00pm PST
to get to a deal. in some sense, i think the republicans got played a little bit, because president obama was the first one to introduce chained cpi, social security cuts into the conversation. and then democrats just erupted today when republicans reintroduced them. as they should have, because social security cuts are -- they don't contribute to the deficit, they're not part of the sequester. so it's unclear why they would be part of the bargain. and it's not social security this would hit, it would hit veterans and spouses of soldiers who died in combat. so if that's the way congress thinks it ought to balance the budget, by cutting the pensions for widows of soldiers, that's where we are now. >> chris, i respectfully disagree with ryan here. yes, there's a lot of pessimism among reporters here, but at the end of the day, when you talk to staffers in democratic and republican circles, all sides want to extend middle class tax rates. that rate discussion, to get to a threshold, $250,000, hopefully 400,000 if you're a conservative or republican, that is going to drive the deal. so the qu
FOX News
Dec 30, 2012 7:00pm PST
not be tonight. >> president obama putting pressure on lawmakers to reach a deal. mr. obama making remarks about the fiscal cliff aired it earlier today. he put much of the blame on shoulders of the republicans if no deal is reached. the gop fired back saying the president should lead right now not cast blame. correspondent s henry is live from the white house. >> he is frustrated going on a talk show today in the middle of the negotiations. he has not been on one of the programs since 2009. he felt it was important to get the message out there. you are right he was pounding the same message again and again f. we go up the fiscal cliff for not meeting them halfway. >>> not because democrats and congre congre congress don't want to go ahead and cooperate but i think it has been hard for speaker boehner and republican mcconnell to accept the fact taxes on wealthiest should go up a little bit sweas well as a deficit reduction package. if they can't say yes to good offers i have an obligation to make sure the entire burden of deficit reduction doesn't fall on seniors who are relying on medicare. >>
MSNBC
Dec 30, 2012 12:00pm PST
interview president obama said compromise will be a key to making a deal. >> it is very important for republicans in congress to be willing to say we understand we are not going to get 100%. we are willing to compromise in a serious way. >> senate leaders hoped to send a plan right about now. the talks have broken down. listen to what senate leader said on the floor a short while ago. >> now, i'm concerned about the lack of urgency here. i think we all know we are running out of time. this is far too much at stake for political gamesmanship. the consequences of this are too high for the american people to be engaged in a political messaging campaign. i am interested in getting a result here. >> we have been trying to come up with some counteroffer to my friends' proposal. we have been unable to do that. i had have had a conversation with the president and that this stage we are not able to make a counteroffer. >> what happens now? with us is cello o'donnell and kristen welker. >> we are sort of at a pause point. if you are looking at the tone of these leaders what is i think optim
FOX News
Dec 31, 2012 3:00pm PST
four years. >> president obama said a deal is in sight and appeared at a campaign style event to remind everyone he is winning and g.o.p. is not. >> last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. the agreement currently discussed would raise those rates, raise them permanently. >> republicans suggest the event may backfire to accuse the republican of rubbing their nose in defeat. >> the president won. we know that. he won fair and square. isn't it now time to govern? >> the president was out of line with his comments at 1:30 afternoon. this is a delegate time. i think the democrats would be embased after what the president did. >> after months of the president promising a balanced approach there are only tax hikes for rich without new spending cuts. today he hinted at more tax hikes ahead. warning republicans that the future deficit reduction will not come from cuts alone. >> if they think that is the formula for how we solve this thing, they have another thing coming. that is not how it will work. >> republicans fire back
FOX Business
Dec 31, 2012 9:20am EST
their majority in the house and there's a great deal of the country that does not support the way that obama would like to deal with this problem. stuart: look how it's been presented in the establishment media. president obama cutting short his holiday vacation, returning to washington trying to fix the fiscal mess. thank you very much, mr. president. mr. boehner, speaker boehner, oh, he finally gets the house back in session on sunday night. and then we have some democrats saying, why don't these republicans quit defending their millionaire pals. the way it's presented in the establishment media is highly pejorative against republicans and yet, republicans, as we heard from the rasmussen poll, they're not getting all of the blame. it's 44-36 that's where it is, again, that surprises me. >> those headlines are great. the next time i'm on deadline and i have a story to write. because i've left it to the last minute and i have to cancel a movie i think i'm going to, you know, complain about it and say, oh, finally, i'm getting back into the work session here. no, i mean, it's ridiculous. now,
CBS
Dec 31, 2012 7:00am PST
. president obama is dealing directly and spoke frequently sunday with the senate majority leader harry reid while vice president joe biden spoke frequently sunday with republican leader in the senate mitch mcconnell. mcconnell and biden get along much better than mcconnell does with president obama. in the last 24 hours, the administration has given ground on raising threshold for income tax rates and estate tax rates, but also demanded much more in new government spending the republicans are comfortable with. it's that division between spending and taxes that continues to divide both sides, and that is the one thing that may prevent a deal from being achieved in the final hours as we get nearer to the fiscal cliff. >> major garrett, thank you. senator is live on capitol hill. >> thanks for having me. >> if there's a deal today, why would you vote to extend tax cuts if there are no new spending cuts? >> that's the exact thing. the real problem is the spending. if you want to raise taxes -- and the president promised in the campaign he wanted to do that -- it'
CNN
Dec 30, 2012 12:00pm PST
it obama says let's raise taxes instead. we're dealing with tens of trillions of dollars in unfunded liabilities, in four years obama has done nothing on entitlement reform. nothing for four years. what has he done? chirped about raising taxes on rich people. raising taxes on rich people is what obama talks about instead of doing his job. there are two costs to this. one, if you take money out of savings and investment, which is what you're doing with this, it doesn't help, it reduces the incentives to save, invest and work and the other thing you do is you never get to reform government entitlements. >> that's not causal. >> it is, absolutely. >> that's not really. >> you live in new york i live in d.c., washington, this is all causal. the reason he's talking about tax increases is to avoid the conversation and dealing with spending restraints. that's why obama does what he does. >> the reason i doubt that, grover, is because we've all done the math and we all absolutely agree on the math that you can't get out of the deficit hole we're in by taxing rich people even if you tax them
FOX News
Dec 31, 2012 10:00am PST
news. president obama to speak in just moments from now. negotiations over the debt deal continuing. apparently the president is not expected to announce that there is a deal in place but we are told that there is a framework in place nor the deal. we also got word from congressional sources that there are concerns about the timing of these remarks as negotiations near completion. the president will speak, we'll bring it to you when he does. apparently some are reporting that perhaps the president was already planned to make these remarks. again the timing is a little bit suspicious on the part of some. let me tell you what is in the works right now on the table. we're talking about families making $450,000 a year, their taxes would go to 39.6%. that is an increase. taxes states worth more than 5 million would increase to 40%, that is going to be up from 35%. big, big, big deal here, unemployment benefits are going to be extended for one year. without those extensions 2 million americans would lose those benefits. again we are waiting for president obama to make remarks on the deal
MSNBC
Dec 31, 2012 9:00am PST
. thank you very much. coming up, are we close to a deal? president obama will speak in about 30 minutes. we'll have it live. also joining us delaware senator chris kuhns, jack kingston and maryland democratic congressman elijah cummings talking about the cliff and the deal, maybe. we're also live at new york's presbyterian hospital with the latest on secretary of state hillary clinton's condition. andrea mitchell reports is next. we can afford to take an extra trip this year. first boston... then san francisco. hotwire checks the competitions' rates every day so they can guarantee their low prices. so our hotels were half price. ♪ h-o-t-w-i-r-e... ♪ hotwire.com
MSNBC
Dec 31, 2012 11:00am PST
's the final sticking point in the final hours of these negotiations. you heard president obama concede this is not a perfect deal. he said he wanted a big deal that dealt with both tax reform and deficit reduction. you also heard him talk about the fact that the new revenues would be hundreds of billions of dollars. what he initially wanted was about $1.6 trillion so this is a compromise on his part, as well. republicans initially coming, raising their offer so they kind of came to the middle on that point. but, again, the one sticking point that remains, the sequester and what negotiators continue to hammer out. vice president biden playing a key role in the negotiations having served more than 30 years in the senate. he knows how these types of negotiations get done. really, better than anyone. he, mitch mcconnell with whom he has a strong relationship, trying to take it to the finish line. >> i guess that's something given how many sticking points we were up against before. thank you so much. >> reporter: thanks. >> any deal from the 11th hour talks will be rushed through both chamb
CNN
Dec 31, 2012 4:00pm PST
-racking for millions. president obama said a deal was in sight, but he slammed congress for stalling and for failing to reach a broader agreement. sources say the senate will try to vote tonight. we're not going to have a house vote tonight because the house has already adjourned until tomorrow, noon eastern time, which means we will not be able to solve this problem fully tonight if it gets solved at all. that's still not entirely clear. let's go to jessica yellin. if you've been watching over the last several hours, you get conflicting information. is there a deal or not? >> the white house is optimistic there will be a deal. republicans in the senate are confident there will be a deal. senate democrats are still holding out for more changes in this deal. and so right now, there's still that last haggling over certain sticking points that democrats want to see in this negotiation. and it's one of the reasons we understand that vice president biden is set to go up there. now, that's once the deal is done and sealed. the reason the vice president would go up there, it's to sort of sell the deal, bas
MSNBC
Dec 30, 2012 5:00pm PST
this is serious. it's been serious for months. we need to come together. president obama has a $4 trillion deal on the table that would be balanced in terms of increasing the tax rates on the wealthiest americans. significant spending cuts and has even proposed more -- several hundred billion in entitlement savings. if we can come together and put together a balanced agreement, then we can avoid this. and move on to focusing on the job creation and getting the economy turned around that we should all be working together towards. >> but whatever happens, would it be fair to say that you've got much bigger fish to fry, so to speak, in the new year? i mean, it's not going to be the grand bargain. there's going to be a lot of talk of entitlements, we were talking to tom cole and he's saying democrats just don't want to do what they need to do about cutting back spending. we've got to stop spending. >> my friend tom cole knows that's simply not true. we have $4 trillion deal that includes billions of dollars in spending cuts on the table from president obama that democrats have been willing and read
MSNBC
Dec 28, 2012 3:00pm PST
. breaking news, president obama urges congress to make a deal to overt the fiscal cliff. he announces no deal, but progress may be in sight. >> and that would be the wrong thing to do for our e con mu. it would be bad for middle class families and bad for businesses that depend on family spending. fortunately, congress can prevent it from happening if they act right now. i just had a good and constructive discussion here at the white house about how to prevent this tax hike on the middle class. and i'm optimistic we may still be able to reach an agreement that can pass both houses in time. senators reid and mcconnell are working on such an agreement as we speak. >> it comes after speaker boehner left the white house. he didn't say anything to reporters and neither did anyone else who was seen leaving the meeting. here's what we do know. in just four days, taxes will go up on millions. and millions more will have their vital unemployment benefits run out. that's why president obama organized the meeting with vice president biden, speaker boehner, nancy pelosi and senators reid and mcco
CNN
Dec 30, 2012 4:00pm PST
barack obama said he was optimistic that a deal on the fiscal cliff could be reached. that might have been a mistake. ahead, more on the fiscal cliff and the dwindling hope that a deal can be reached. it's all part of our special coverage of the fiscal cliff crisis with me and ali velshi. ...but he'd wait for her forever, for any reason, and would always be there with the biggest welcome home. for a love this strong, dawn only feeds him iams. compared to other leading brands, it has 50% more animal protein. ...to help keep rocky's body as strong as a love that never fades... if he ever lets her leave again. iams. keep love strong. constipated? yeah. mm. some laxatives like dulcolax can cause cramps. but phillips' caplets don't. they have magnesium. for effective relief of occasional constipation. thanks. [ phillips' lady ] live the regular life. phillips'. [ phillips' lady ] live the regular life. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the sce
MSNBC
Dec 30, 2012 2:00pm PST
obama wants higher taxes on the wealthy, stimulus spending, limited cuts to entitlements, and speaker boehner wants limited tax increases and keep his job. bob, which -- where do we go from here if a deal isn't hashed out in the next few hours? >> not necessarily in that order. i think the priorities for john boehner may have been turned around. jared is an old jazz fan, as am i, and he knows that miles davis had a song called "so what" and i think that might be the background music right now as all the posturing is going on in public. the simple fact of the matter is that they are setting up the process for working out a deal after they have scared the daylights out of everybody, and it would seem to me that to quote another song, which is "what are you going to be doing new year's eve," i think that we'll be finding that these people are still hard at it and maybe calling congress into session tomorrow night which is a really rotten way to end the year. >> jared, explain for our viewers what it really means to go over the cliff. >> well, first of all, as a former jazz bassist i have
MSNBC
Dec 28, 2012 7:00am PST
. the last chance for a deal might be today at 3:00. president obama has scheduled a meeting in the oval office with vice president biden by his side. he's hosting all the major players. the chances of success, depends on who you talk to. >> getting more optimistic. sometimes it's darkest before the dawn. >> this afternoons meetings feels much like optics. >> there are some signs of possible flexibility, but first of all it would be helpful if the house of representatives actually came back. right now we're at a stalemate, because the democrats haven't been willing to consider the issue of spending. >> i want to bring in perry bacon and it edward keith. most of that was just from today. is this meeting to hash out details or perhaps to save face bhf we go over the cliff? >> i would argue today's meeting is they actually thing the outlines of a deal are possible. the president will push today for some agreement in which the middle-class tax cuts are extended for everyone, while the higher rates go up, we also put off the rest of the details for later. the president is pushing for somethin
MSNBC
Dec 31, 2012 4:00am PST
or eight months. >> okay. so we've got the latest here including president obama doing an interview for "meet the press." the senate is scheduled to reconvene at 11:00 this morning. any deal today would have to be rushed through both chambers of congress before midnight. as talks in the senate stalled yesterday, minority leader mitch mcconnell reached out to someone he believed he could help jump start the negotiations and perhaps deliver an 11th hour compromise, and that would be vice president joe biden. mcconnell and biden reportedly spoke several times by phone throughout the night after talks with harry reid came to a halt. >> there's no single issue that remains an impossible sticking point. the sticking point appears to be a willingness, an interest, or frankly the courage to close the deal. i want everyone to know i'm willing to get this done. but i need a dance partner. >> before i continue to set the scene, anyone here think biden can make a difference? dan? >> not before the end of the day. i just think that even if the senate -- even if they work out a deal that's accept
CNBC
Dec 31, 2012 7:00pm EST
to deal you know with the entitlements. keith, listening to president obama today who was not at his new year's gracious and listening to harry reid who is effe effectual in everything he does, do you think the democrats would rather see us go over the cliff take the revenues and know the spending cuts and that is it? more money and more spending? >> i think the democrats want to make sure that the tax rates for the top earners go up and there is going to be a deficit reduction. but i think it will be more of a statement. i don't think it will be that more aggressive. i think they passed fewer bills than any bills and i think that the president is on firm ground to what they want to do. i have said on this network and in other places before, it is an rtficial crisis generated by policieses in washington that could have been avoided. republicans don't care about deficit reduction. if they had they would have allowed it to take place and reduced the deficit. >> i am always interested in what he has to say. it is interesting, this vote asked, what do conservatives and republicans believe in
CNN
Dec 31, 2012 8:00am PST
, the democratic senator from iowa saying this deal doesn't look good to him. if a deal is reached in congress, the president still has to sign it. president obama set his terms and challenged the house and senate to get it it done. brianna keilar joins me now. is the president just sitting in the oval office waiting for a bill to get delivered to him? where's he in all of this? >> reporter: vice president biden is very much the president's proxy in all of this. it's easy to understand why. both the president and vice president served in the senate, but biden served in the senate for decades with all of the players that he now has to engage with. he knows the personalities. he knows the rhythms of the senate and of congress better than president obama, you could argue. it makes sense that he's serving as the president's proxy. this is something the president is engaged with. this is something the white house is very engaged with. he said yesterday he's optimistic that a deal can be struck. i think that's not surprising. that's what you'd expect to come from president obama. but we're also -- w
CSPAN
Dec 30, 2012 7:00am EST
to take simple steps. the deal they are talking about is identical to the deal president obama talked about the day after the election. the time in between has been wasted. guest: maybe they will be voting on a package academical -- the frustration is in your voice. i had a number of wall street clients. i can tell you from talking to them that there was a qualitative change in their tone and in their attitude about what was happening. host: you work as a financial communications and national director. that is with corvis communications. guest: thank you for mentioning that. clients of thought there was something going to happen. that has changed. my only question is, what took them so long? the signs have been there all year that a deal at the end of the year would be more difficult. host: while we're talking about what we do, explain what the concord coalition is. guest: we are nonpartisan coalition educating the public about this responsibility and our fiscal challenges. guest: if we go over the cliff, it is not the end of the discussion. it is important that people not lose hope o
CNN
Dec 30, 2012 7:00am PST
and vote on a deal to avoid the fiscal cliff. in his first sunday talk show appearance in three years, president obama today called for congress to at least extend middle class tax cuts and unemployment benefits if no fiscal deal is reached. tax hike increase take effect january 1st. >>> the situation in the war-torn country is getting worse by the day. this weekend is proving him right. opposition activists say at least 397 people were killed across syria yesterday alone. if true, the deadliest day yet in almost two years in the civil war. the opizatiposition says more t 200 killed following a battle. >>> new england is getting a heavy dose of snow and freezing temperatures. boston is expected to get up to eight inches and the city's mayor has declared a snow emergency. neighboring rhode island is also getting pounded over a foot of snow has already fallen in some parts of that state. >>> some good news this morning about former president george h.w. bush. we're told he is improving and has been moved out of the intensive care unit of the houston hospital where he was being treated f
CNN
Dec 31, 2012 11:00am PST
. with only hours to go, president obama says a deal between democrats and republicans is, quote, within reach as america ticks closer to the fiscal cliff at midnight. >> they are close, but they're not there yet. and one thing we can count on with respect to this congress is that if there is even one second left before you have to do what you're supposed to do, they will use that last second. >> duown to the wire. if you thought the fiscal cliff snuck up on congress, the debt ceiling bill that triggered this to begin with was signed into law in 2011. we have known from that day forward this day would be upon us if nothing was done. and everyone in congress has known all along what it would take to avert the blanket tax hikes and spending cuts that are mandated to start in the new year. how much time is that, by the way? 517 days, or you can call it one year, four months and 29 days, or 73 weeks or 12,408 hours. you get the point. your political leader is engrossed in a colossal waste of time. the tax cuts were enacted for ten years starting in 2001 and then extended in 2010 for another two ye
FOX News
Dec 31, 2012 8:00am PST
of the talks when president obama and house speaker john boehner failed to cut a deal. when. mcconnell essentially gave up trying to negotiate with senate majority leader harry reid. now said to be reasonably close together on income tax rates though republicans want to use the additional money to cut the deficit and democrats to soften spending cuts. california senator barbara boxer made clear this morning she is not looking for perfection. >> i wanted to add at least a cautiously optimistic note i am hopeful we will get something done and i think if we do, and if it's fair, fair enough, we should get our country off this cliff. >> reporter: boxer says she is willing to move up the income protected from tax hikes but her bottom line is extending unemployment benefits. she says that is good for the economy and fair for the many people who still can't find work. uma? uma: wendell, is it true that some family's taxes will rise whether or not there's a deal. >>reporter: it looks like the only real question is where that income level is. the cuttoff. vice president biden, mcconnell,
MSNBC
Dec 31, 2012 7:00am PST
cliff 45 minutes from now. president obama will be watching with the rest of country for a deal to be hammered out. he thinks republican leaders need to bend. >> congress has not been able to get this stuff done not because democrats in congress don't want to go ahead and cooperate but because i think it's been very hard for speaker boehner and republican leader mcconnell to accept the fact that taxes on the wealthiest americans should go up a little bit and as part of an overall deficit reduction package. >> i'm joined by congresswoman barbara lee a democrat from california. good to see you. good morning. >> good to see you. glad to be with you. >> let me give you the republican perspective. it is that some indications they are willing to give on taxes whether 400 or 450,000, that yesterday they floated this idea of changing social security. they've backed off on that. they apparently are willing to give on some of these estate taxes. the democrats are willing to give on some of the estate taxes. but what the republicans want is they say that this deal that's being offered look
CNN
Dec 28, 2012 2:00am PST
four days left and no deal in sight. that could change today, when president obama holds a meeting with all four congressional leader at the white house. we're not saying you should bet on it. let's bring in ron brownstein for "the national journal." >> good morning. >> good morning. we're talking about this whole idea of a fiscal cliff was absolutely not supposed to happen. >> this was a machine that the two sides built to give guy them more will power to do what they didn't want to do to begin with. which is compromise. they could not reach a deal to destabilize the federal government's long-term finances so they built this to put more pressure on themselves to reach a deal now. and even this does not seem to be enough to do it, to force them to make the difficult concessions that are required for the two sides to come together this is indignant of a broader problem we face of a red coalition and blue coalition that reflect very different visions of american and show less and less cooperation. we are looking at a dividing government for the next two years and more likely next fou
FOX Business
Dec 31, 2012 11:00am EST
, yeah, obviously, if people are trying to vote on a deal that includes a tax increase, they should just keep the rates down for people in the rest of the brackets and let obama have his, you know, you do not have to vote for a tax increase. it happens with or without you. you do not have to vote for a tax increase in that way. obama has something to worry about here, by the way. the republicans could even lose the next election because of this. he will have to live with this in the history books. dagen: reelection or legacy? great to speak with you, david. happy new year. tom kloza is coming up next. we had record gas prices this year. the average price we paid this year was a new record. will it be even higher in 2013? the top-selling car in 2012 was the ford focus. kind of little. if you are celebrating, finding that cab ride home after the party is going to cost you some coin. we are talking about limo service. i have used it. it is kind of nice. take a look at the treasury markets. the bond market closes today, early at 2:00 p.m. eastern time. that is what the federal government can
MSNBC
Dec 31, 2012 2:00pm PST
question mark. president obama, of course, today had that sort of campaign-style event. he has waged this public campaign to pressure congress, not only republicans, but also democrats who have expressed some skepticism about this emerging deal that is coming together. so that is part of the president's tactic as well, to not only be working the phones behind the scenes, but also to hold these public events and, of course, he sat down with david gregory this weekend on quths meet the press." that's part of his calculation as well. >> let's talk more about the political calculation. for more reaction i'm joined by nbc's luke russert. good to see you, luke. >> how are you doing? >> i want to pick up on what mike was saying, even as we were on the air house republicans were watching us and sending him e-mails saying, listen, we don't have anything to vote on. is there a sense that members on both sides of congress are feeling some pressure from their constituents even as folks are preparing to go out and pop the champagne and celebrate the new year? >> reporter: oh, yeah, sure. i get th
MSNBC
Dec 31, 2012 5:00am PST
the deal was essential to help the struggling middle class. that same year, president obama created the simpson/bowles commission, remember that, to find solutions to the debt. the commission came up with a bipartisan plan to cut $4 trillion in deficit cuts, but the deal never gained enough support to be sent to congress. a year later in 2011, another fight emerged in congress over the treasury department's request to raise the debt limit. congress battled for months and the economy suffered, resulting in the u.s. losing its aaa credit rating for the first time in history. we were downgraded. what's next? and as part of a last-ditch compromise to avoid default, both sides agreed to $1 trillion in spending cuts and an additional $1.2 trillion in across-the-board cuts that would kick in at the beginning of 2013 unless a bipartisan super committee made up of politicians from both parties could come up with an agreement. that super committee failed, and of course, the country is now facing those self-imposed, massive cuts to defense spending and other programs. fed chair ben bernanke wa
CNBC
Dec 31, 2012 5:00pm EST
,000 level president obama said is where tax increases should start. >> in your view, could any of these sticking points be deal breakers? >> ah, yes. i think it's possible that they could be deal breakers. i don't think they will be, in the end. but there's serious disagreements. both sides are really digging in on the sequester cuts. that's a hard thing for republicans to come out, saying we're voting to raise taxes but we're not voting for spending cuts. democrats are saying, well, you're not raising taxes that much. in fact, way below what the president asked for and what speaker boehner offered in determines of additional tax revenue. i would expect they would get over that later tonight, but we don't know that for sure. and i do think, melissa, that going over the december 31st at midnight deadline has the potential for changing the dynamic a little bit, taking a little bitle of the urgency out of negotiations, especially for democrats, some of whom have felt, well, going over the cliff, we'll be in a stronger position. that's something to watch. >> john, keep us posted on
CNN
Dec 30, 2012 7:00pm PST
they have a history of making deals together -- >> well, one -- >> on which issues do you think the two sides may end up compromising? >> well, the level at which taxes will rise above where they are right now, so obama's insistence has been, if you make over $250,000 a year, on the income over 250 you pay a little more in the new rates he's proposing. now, he's been willing -- it's been reported that he's gone as high as 400,000 in the negotiations with boehner. so that's a place for agreement. the other place is the estate tax. the estate tax is scheduled to rise by quite a bit at the stroke of midnight tomorrow night. republicans want to keep it low, democrats want it to go up a little bit. there's room for compromise there. and so, you know, it's not just marginal rates that are going up, there's a series of taxes that they're going to change. the thing that could not be settled today was this change cpi. essentially a benefit cut for social security recipients. that led to a breakdown in negotiations today, because republicans wanted those benefit cuts to social security. and democ
CNN
Dec 31, 2012 4:00am PST
themselves for the blame game. it is in full swing now. president obama said, basically saying if we go over the cliff, he is really going to take aim at republicans more than he already has. >> they say it. their biggest priority is making sure that we deal with the deficit in a serious way. the way they are behaving, their only priority is making sure tax breaks for the wealthiest americans are protected. seems to be their only overriding unifying theme. >> now, ali, a poll shows republicans will bear more of the blame in this if we do go over the cliff. but the incentive to do something continues even if we go over the cliff. the expectation is come midnight tonight, this is not resolved, even if there isn't some sort of deal, a framework, there is still going to be work done and still be members of congress and the white house trying to wrap this up here in the next few days. >> polls show not only republicans will get the blame and the country supports the president by 2/3 in raising the taxes on the rich. in 20 years if we go over the cliff, you won't remember the name of the speaker o
CSPAN
Dec 28, 2012 8:00pm EST
, john if you come back with the deal, that you fashioned with obama this doesn't get more than say 100 votes or so and the republicans, cancer has cantor has started a whispered campaign and you are going to be -- we saw it happen with speaker gingrich and it can happen here. boehner walked away from a deal shortly after that. >> i want to come to the interplay between the leadership on the republican side in in a second but i have to ask this based on what you said. i think you know the president gave what was initially an off the record interview to the "des moines register" editorial board, speaking although he did not get the endorsement of that paper in one of the things he said in the interview was he believed he could get a grand bargain struck on the debt ceiling if he were reelected on november 6. a son what you're saying they may not be possible if if the freshman and now sophomores and many members who come and don't eventually give a nether blessing to cut a deal. in her may feel in the same tough spot now that but he was last year. a ground part and based on what you say m
CNN
Dec 28, 2012 4:00am PST
boehner and barack obama and many people who know these two men feel perhaps they could have a deal. we think to the budget and debt ceiling debacle. neither john boehner and to some degree mitch mcconnell have the ability to go back to their caucuses and get them to rally behind a deal they make. has that changed or does this change as we get closer to the deadline? >> i think it will change closer to the deadline. it will require the leaders to talk to their caucuses and talk to these individual members of the senate and the house of representatives and understanding and underscoring the peril we place in the country at this moment in time and that we have to resolve these issues. american people should not count on a stalemate. we're here to do our jobs in washington and we're seeing this failure demonstrated time and again because of ideological and political and philosophical stubbornness. what about the entire country? what about the good of the country? that's what's at stake for america, and i think that members of congress individually and collectively are responsible and the l
MSNBC
Dec 31, 2012 6:00am PST
, congressman, i want to play for you -- president obama was on "meet the press" yesterday. he was asked about sort of his willingness to make a deal here. i want to talk -- let's play that clip and i want to come back and sort of talk about how he's being viewed by democrats. let's play the clip first. >> the offers that i've made to them have been so fair that a lot of democrats are getting mad at me. i mean, i offered to make some significant changes to our entitlement programs in order to reduce the deficit. >> lots of democrats have been mad at me. is that just president obama sort of being rhetorical or is there unhappiness from yourself or some of your colleagues with the possibility that we may be looking at going from $250,000 to $400,000 in terms of whose taxes will get raised and whose won't? do you feel like he's represented house democrats' interests enough? >> well, chris, as the president played out in that clip you played, he proposed a so-called grand bargain that would include up to $1.2 trillion in revenue combined with $1.2 trillion in additional cuts. and as he said, that
CNBC
Dec 28, 2012 6:00am EST
. seinfeld. >> seinfeld. >> all right. president obama meets with top congressional leaders this afternoon with time running out to avoid the cliff. the house will be back in session on sunday to try to deal with the issue. we haven't had enough time, you know, two years. when is the last time we had a budget? >> harry reid was just -- wasn't he great yesterday talking about mitch mcconnell and the republicans? no budget. >> and more than 14,000 longshoremen could go on strike this weekend because of a contract dispute. a walkout would close cargo ports. some estimates say a strike could cost the economy $1 billion a day. which would add up. it would kind of counteract the 85 billion. but bernanke is doing 2 billion a day, right? >> more. >> 2.5, yeah. so that would take away -- we could easily rachet it up. unless the printing presses overheat at that point. let's check on the markets this morning. the futures were indicated lower based on angst. there it is worse. it was down 40 earlier, not out 62. they were down 150 at one point. came back down to 18. we're somewhere. >> between there.
CNBC
Dec 31, 2012 6:00am EST
against president obama for supposedly cutting medicare in the health care deal. and the ryan budget deferred all of the cuts in social security and medicare way out in the future. >> well, first of all, you're talking about social security and medicare, and the ryan budget was silent on social security. actually thought we should have talked about it. those things are always in the future. you start adjusting eligibility rates over time. >> what are the ten-year entitlement savings right now? >> well, frankly, honestly, if you did lower the age, number one, that would start right at the very end of that window. secondly, you can do -- we want means testing. we've never made any bones about that. that hits mostly upper income people. but we haven't seen it and we haven't been able to get it through. the cpi thing is another one. there's a whole variety of things you can do. they've got to be done in a bipartisan way. they've got to protect current recipients and be phased in. >> do you think that republicans -- entitlement -- >> in fact if you look at the letter speaker boehner sent
CSPAN
Dec 26, 2012 12:00pm EST
service back up and running. that said there's a great deal to be done. president obama's request for disaster assistance seeks $60.4 billion for recovery and mitigation. department of transportation shared request,$.7 billion and of that $11.7 billion the majority portion directly support the effort to repair and replace the effect of public transit infrastructure and make it more resilience. these funds would be administered through the new public transportation emergency relief program and i want to thank you for your leadership in establishing this program just a few months ago. the administration requested in its budget, you may recall i testified on its behalf before the committee in may of 2011. we are grateful to the senate appropriations committee for responding to the president's request for aid under this program. the support of both committees was timely as the new emergency relief program strengthens the authority to provide financial disaster assistance to transit agencies in times of greatest need and to better coordinate with partners of fema. fda's request reflect
MSNBC
Dec 31, 2012 1:00pm PST
to have a tougher 113th congress without a doubt, and with this fiscal cliff deal, they're going to take it and stretch it to the very end. >> angela, you think republicans are sweating then because a few weeks ago they sounded like they could frame president obama as the bad guy. >> president obama is not the bad guy. you could see this love fest at the press conference this afternoon. american people totally understand and are supporting overwhelmingly what the president has proposed. they want tax cuts for the 98%, not for the top 2%. we've been at a standstill with plan "b" which never was a plan "b" to begin with because we're sacrificing the greater good for such a small minority. >> jimmy and susan, i am going to ask you about the president's press conference and whether you thought it was a bad idea. but when angela was talking, susan, you were shaking your head when she said that the american people are behind the president. >> well, i think right now the american people are frustrated with washington, and that's where that's going to come down. yes, the president is better than
CNBC
Dec 31, 2012 9:00am EST
revenue than that, if not all the way up to the level in president obama's budget. finally, that an agreement would include a significant extension of unemployment benefits. remember, there are 2 million people who would lose about $300 a week if this fiscal cliff passes and there's no deal whatsoever. guys, back to you in d.c. >> all right. john harward, thanks for keeping us posted. we're about six minutes before the bell rings in the final session of 2012. let's bring in matt. good to have you with us. the futures are not too bad. we're coming off five straight losing streaks. on friday we saw the vix post the low of the session. what do you think it will happen today? >> i'm not going to put a lot of credence in the futures this morning. i think that's out of the picture for a lot of people. they didn't really notice it because it happened after the close. we're really not going to put any credence in it downstairs today. obviously everything has to do with what they're going to negotiate starting at 10:00. funny thing is, why 10:00? why are we waiting so long? this is
FOX News
Dec 31, 2012 6:00am PST
business network joins us now. stu, no deal on capitol hill, not really doing their job but we're hearing they get a pay raise. >> that incredible to some people, but nonetheless before this past weekend, president obama quietly signed a executive order that gives a small pay raise to two million federal workers and a small pay raise to all 535 members of congress. they will get an extra $900 each in the forthcoming year starting march 27th. but they get a pay raise. so the people who could not come to an agreement on cutting spending will in fact be spending more on themselves using money which we do not have. heather: speaking of all that spending we are expected to hit the debt ceiling in just hours. another blow to the economy. >> that means that we are about to run out of money and we can not borrow anymore. treasury secretary tim geithner says, well, we'll move some money around so we won't default on our obligations but nonetheless we are out of money. this means if a debt ceiling deal is not included any fiscal cliff deal, and it is not likely to be. gregg: then this debt mess con
FOX News
Dec 31, 2012 3:00am PST
the president and house speaker john boehner hit a wall and while they didn't reach a deal yesterday, there was movement on the income level they're willing to protect from tax hikes and other levels. mr. obama, on an interview on "meet the press" was cautiously opt missic. >> i'm confident that one of two things will happen when it comes to the fiscal cliff. one, we'll see an agreement within the next 48 hours in which case middle class taxes will not go up. if that doesn't happen, then democrats in the senate will put a bill on the floor of the senate and republican also have to decide if they're going to block it. >> biden and mcconnell are said to be only about $100,000 apart on where the bush era tax cuts would expire with the republican pushing for $550,000 a year. democrats offering a 450,000. biden stowed have given up his push to raise the estate tax. democrats are trying to delay spending cuts until 2015 and republicans are demanding more spending cuts to offset extended unemployment benefits and farm subsidies. lot of ground to make up. but mcconnell says his decision to r
NBC
Dec 31, 2012 7:00am EST
earlier this month. just released gallup poll, most admired woman. president obama is the most admired man. >>> congress will spend part of the new year in session, trying to come up with a deal that will prevent the nation from going over the fiscal cliff. >>> the american academy of pediatrics has released a new statement encouraging elementary schools to let kids have their play time. recess gives children the opportunity to develop skills that can't be taught in the classroom, that it should not serve as a substitute for phys. ed. class. fond farewell 75 watt incandescent light bulb. under law, they can no longer be produced or imported as of january 1st though retailers can clear their remaining stocks. government will turn out the lights on traditional 60 and 40-watt bulbs in 2014. >>> it's what everyone is talking about, i think. reality tv star kim kardashian and rapper kanye west are expecting their first child. west made the announcement last night at a concert in atlantic city. west is 35. kardashian is 32, she is in the process of divorcing kris humphries, whom she married in 2
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